Monthly Indicators – NORTH PALM BEACH COUNTY – March 2024
Data courtesy of floridarealtors.org
North Palm Beach County
U.S. existing-home sales improved for the second month in a row, jumping 9.5% to a seasonally adjusted annual rate of 4.38 million units, exceeding economists’ expectations and marking the largest monthly gain in a year, according to the National Association of REALTORS®(NAR). The rebound in home sales comes amid fluctuating mortgage rates and elevated sales prices, indicating there is plenty of buyer demand heading into the spring selling season.
New Listings increased 10.5 percent for Single Family homes and 10.8 percent for Townhouse/Condo homes. Pending Sales decreased 1.1 percent for Single Family homes and 18.6 percent for Townhouse/Condo homes. Inventory increased 10.9 percent for Single Family homes and 49.8 percent for Townhouse/Condo homes.
Median Sales Price increased 17.6 percent to $727,000 for Single Family homes and 7.7 percent to $350,000 for Townhouse/Condo homes. Median Time to Contract increased 13.8 percent for Single Family homes and 29.6 percent for Townhouse/Condo homes. Months Supply of Inventory increased 14.0 percent for Single Family homes and 62.5 percent for Townhouse/Condo homes.
The recent surge in home sales was likely due to a dip in mortgage rates in December and an increase in housing supply nationwide. According to NAR, total inventory grew 5.9% month-over-month and 10.3% year-over- year to 1.07 million units, for a 2.9 months’ supply at the current sales pace. Buyer demand remains robust, and the limited supply of inventory helped push the median existing-home sales price up 5.7% year-over-year to $384,500, the eighth consecutive month of annual price increases.
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Jupiter Dream Life Team | eXp Realty
Team Lead — Heather E Towe, PA
Broker Associate, REALTOR®, CRS®, CLHMS®, e-PRO®, PSA®
(561) 778-1642 | hello@jupiterdreamlife.com
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